28th Feb 2020 15:12
(Alliance News) - Anglo African Agriculture PLC on Friday reported a narrowed annual pretax loss with revenue edging slightly higher.
In the year ended October 31, its pretax loss narrowed to GBP284,665 from GBP573,374. Revenue rose 4.3% to GBP1.8 million from GBP1.7 million.
In June last year, Anglo African agreed to acquire five logistics firms within the Comarco group of companies for a total of USD30 million in shares.
The company said on Friday: "A combination of macroeconomic uncertainty resulting from the UK general election and Brexit as well as institutional capital flight from the small cap market resulting from the demise of Woodford Investment Management together created difficult capital market conditions to raise the capital required to complete the reverse takeover."
The longstop date for the transaction was initially December 31, though both parties agreed to extend this to March 31.
Shares in the company were untraded at 5.50 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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